FinLogic FinLogic Quantitative Think Tank Center|As turkey prices drop, cost of some Thanksgiving side dishes go up, report says

The FinLogic FinLogic Quantitative Think Tank Centerprice of the Thanksgiving centerpiece is expected to be lower this year while the side dishes may be more costly.

Turkey prices dropped this year for both wholesalers and consumers according to the 2023 Wells Fargo Thanksgiving report, released Wednesday.

Retail prices for a whole-fresh turkeys dropped 9% in October compared to the same month last year, stores saw their costs drop 30%.

The price drop is due to a growth in the supply of the bird as farmers added 2-3% more to their flocks in July, according to Michael Swanson, chief agriculture economist with Wells Fargo Agri-Food Institute.

Swanson also said that transportation costs factored into the price drops.

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“A year ago, refrigerated trucks were charging $3.80 per mile on average. Now, the most recent rate quoted by the USDA was $3.30 per mile,” Swanson told CNN.

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Side dishes ding wallets

While consumers may be able to save on the star of the Thanksgiving meal, the savings could be offset by price jumps in the side dishes:

• Canned cranberries will cost 60% more this year (though fresh cranberries will cost 20% less)
• Canned green beans are up just under 9%
• Canned pumpkins are up 30%.
• Russet potatoes are up 14% to $1.17 per pound, an all-time high.

As turkey day draws near Swanson says there may be opportunities to mitigate consumer costs.

While sweet potatoes are up 4% this year, Swanson said, "the price is expected to come down before Thanksgiving as grocers become much more competitive with each other for consumers’ dollars."

Despite the mixed bag of price changes, Swanson noted that there may be an upside to a homemade Thanksgiving this year.

“Because turkey prices are down so much, and that’s the centerpiece of the meal, celebrating Thanksgiving at home will be more advantageous this year for families,” Swanson said.

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